Home on the World's Priciest Street

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In March, Financial News, a London-based sister publication of The Wall Street Journal, proclaimed that Severn Road's homes, for the second year in a row, have the highest cost per square foot than anywhere else. Properties on the street cost an average of HK$67,631 a square foot, the publication said. Sonia Young, broker at Hong Kong Homes who is representing this townhouse for sale, said homes on the coveted road are more spread out and tend to be on the newer side. "The well-established of Hong Kong live here," she says. "It's the cream-of-the-crop people."

In March, Financial News, a London-based sister publication of The Wall Street Journal, proclaimed that Severn Road's homes, for the second year in a row, have the highest cost per square foot than anywhere else. Properties on the street cost an average of HK$67,631 a square foot, the publication said. Sonia Young, broker at Hong Kong Homes who is representing this townhouse for sale, said homes on the coveted road are more spread out and tend to be on the newer side. "The well-established of Hong Kong live here," she says. "It's the cream-of-the-crop people."

The current owner of the 4,325-square-foot, three-floor home first bought it in August 2009 for HK$175 million, Ms. Young said. He put it on the market in January, withdrew it from sale, and then put it back on the market in April for HK$280 million, or HK$64,740 a square foot. He is also offering to lease the home for HK$390,000 a month. The original owner of the home bought it in 2006 for HK$146 million.

The current owner of the 4,325-square-foot, three-floor home first bought it in August 2009 for HK$175 million, Ms. Young said. He put it on the market in January, withdrew it from sale, and then put it back on the market in April for HK$280 million, or HK$64,740 a square foot. He is also offering to lease the home for HK$390,000 a month. The original owner of the home bought it in 2006 for HK$146 million.

Angel Law, a broker at Savills who isn't affiliated with the townhouse but specializes in properties on the Peak, says home prices in the area average about HK$55,000 to HK$65,000 a square foot, depending on the condition of the place. She said that because this home on Severn Road is a show flat and on the newer side, it falls on the high end of the range. Ms. Law says prices in the Peak have increased about 15% in the past four months.

Angel Law, a broker at Savills who isn't affiliated with the townhouse but specializes in properties on the Peak, says home prices in the area average about HK$55,000 to HK$65,000 a square foot, depending on the condition of the place. She said that because this home on Severn Road is a show flat and on the newer side, it falls on the high end of the range. Ms. Law says prices in the Peak have increased about 15% in the past four months.

There are a total of five townhouses at 8 Severn Road currently on the market. A 3,391-square-foot one is priced at HK$220 million, or HK$64,878 a square foot. "There are a lot of transactions going on on this road," Ms. Young said. "The [price] turnover is just too good."

There are a total of five townhouses at 8 Severn Road currently on the market. A 3,391-square-foot one is priced at HK$220 million, or HK$64,878 a square foot. "There are a lot of transactions going on on this road," Ms. Young said. "The [price] turnover is just too good."